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  • March 16, 2023 1:05 PM | Deleted user

    STATEHOUSE SUMMARY

    The General Assembly had another week of committee hearings with another filled docket for this coming week. Committee chairs have been busy prioritizing bills to be heard since the break. They have four more weeks to hear bills before final committee deadlines. The IMBA Government Relations team has been reviewing bills and prioritizing which issues need the most attention as we move through the second half of session. To view the IMBA’s complete bill track list for the 2023 Indiana Legislative Session, click here.


    BILLS TO WATCH

    SB 5 – Consumer Data Protection

    Sen. Liz Brown (R-Allen County)

    What you need to know

    The bill establishes consumer data protection laws in Indiana. Currently, the bill exempts institutions regulated under the Gramm-Leach-Bliley Act (GLBA) data protection standards. Sen. Brown worked with the IMBA to ensure the industry's concerns regarding data protection were included in this bill by adding the GLBA exemption.

    Latest action

    The bill passed the Senate and was referred to the House for further consideration. The bill was heard in the House Judiciary Committee on March 15.

    Learn more about SB 5


    SB 35 – Financial Literacy

    Sen. Mike Gaskill (R-Hamilton & Madison counties)

    HB 1281 – Financial Literacy

    Rep. David Hall (R-Brown, Jackson & Monroe counties)

    What you need to know

    The IMBA is in SUPPORT of these two bills. The bills require that beginning in 2027 for HB 1281 and 2028 for SB 35, each student attending a state-accredited high school must take and complete a course on financial literacy to graduate.

    Latest action

    Both bills have passed their chamber of origin and been referred to the other chamber for further consideration.

    Learn more about SB 35

    Learn more about HB 1281


    SB 156 – Financial Literacy  

    Sen. Rick Niemeyer (R-Benton, Newton, Jasper & Lake counties)

    What you need to know

    The bill prevents the person who acquires a certificate of sale from transferring the certificate to someone who is not eligible under the tax sale laws to bid at a tax sale. The IMBA is monitoring this bill as it moves through the process.

    Latest action

    The bill passed the Senate and just passed out of the House Judiciary Committee March 15. It now heads to the full House for consideration.

    Learn more about SB 156


    SB 287 – Various Probate and Trust Matters

    Sen. Aaron Freeman (R- Marion & Johnson counties)

    What you need to know

    The bill makes various changes to Indiana’s trust and probate sections of code. Most of these changes originate from the Interim Probate Summer Study Commission. The IMBA has reviewed the proposed changes and does not have any concerns with direction of the legislation.   

    Latest action

    The bill passed the Senate and just passed out of the House Judiciary Committee March 15. It now heads to the full House for consideration.

    Learn more about SB 287


    SB 468 – Uniform Commercial Code Amendments

    Sen. Chris Garten (R- Clark & Floyd counties) 

    What you need to know

    The bill updates the Indiana Uniform Commercial Code with language drafted by the Uniform Law Commission related to “Emerging Technologies”. Emerging Technologies is in reference to virtual currency and other digital type assets. The IMBA is reviewing the bill but doesn’t have any concerns with the approach to the legislation.   

    Latest action

    The bill was referred to the House Financial Institutions Committee upon passing the Senate.

    Learn more about SB 468


    SB 477 – Threats To Critical Infrastructure

    Sen. Justin Busch (R-Allen & Whitley counties) 

    What you need to know

    The IMBA is monitoring this bill and working with the authors on clarification language. The bill prohibits a person from selling or leasing property adjacent to a military installation to someone from, or a business associated with China, Iran, North Korea, Russia, or a country designated as a threat later. The language will create a formal divestment procedure through a government body, a similar process to SEA 388 from 2022 which prohibited Chinese nationals from owning land.

    Latest action

    The bill passed out of the House Committee on Veteran Affairs and Public Safety on March 13.

    Learn more about SB 477


    MEET THE INDIANA GENERAL ASSEMBLY

  • March 08, 2023 2:57 PM | Deleted user

    STATEHOUSE SUMMARY

    The Indiana General Assembly has returned from break after the halfway point of the 2023 legislative session. Bills that originated in the House and Senate will now be considered in the opposite chamber. If a bill did not pass out of its chamber of origin before the break, it is generally considered “dead.” The IMBA Government Relations team will focus on the bills that survived the first half of session and seek necessary changes to any problematic language that arises. To view the IMBA’s complete bill track list for the 2023 Indiana Legislative Session, click here.


    BILLS TO WATCH

    HB 1005 – Housing

    Rep. Doug Miller (R-Elkhart County)

    What you need to know

    The bill comes from the legislature's Housing Task Force, which took place over the summer (?).

    It would establish the Residential Housing Infrastructure Assistance Program and Residential Housing Infrastructure Assistance Revolving Fund, allowing municipalities to apply for loans through the Indiana Finance Authority for infrastructure projects related to residential housing development.

    Latest action

    The bill passed the House and was referred to the Senate for further consideration. The bill was referred to the Senate Appropriations Committee.   

    Learn more about HB 1005


    SB 5 – Consumer Data Protection

    Sen. Liz Brown (R-Allen County)

    What you need to know

    The bill establishes consumer data protection laws in Indiana. Currently, the bill exempts institutions regulated under the Gramm-Leach-Bliley Act (GLBA) data protection standards. Sen. Brown worked with the IMBA to ensure the industry's concerns regarding data protection were included in this bill by adding the GLBA exemption.

    Latest action

    The bill passed the Senate and was referred to the House for further consideration. The bill was referred to the House Judiciary Committee.

    Learn more about SB 5


    SB 183 – Unclaimed Property Matters  

    Sen. Eric Koch (R-Brown, Jackson, Lawrence & Orange counties)

    What you need to know

    The bill makes updates to the handling and reporting of unclaimed property to the Attorney General. The bill adds gift cards to the list of items under the statute, requires virtual currency to be liquidated by the holder at the time before reporting, and expedites when a safety deposit box’s contents need to be turned over.  

    Latest action

    The bill passed the Senate and was referred to the House for further consideration. The bill was heard (I’m just assuming they actually heard it - either way, this needs to somehow be converted to past tense since March 8 was yesterday) in the House Judiciary Committee on March 8.

    Learn more about SB 183


    SB 412 – Natural Resource Matters

    Sen. Susan Glick (R-Dekalb, LaGrange, Noble & Steuben counties)

    What you need to know

    The bill permits a notice to be recorded that could create a cloud on the title of a property. This serves as a notice to a potential buyer for violations issued by the Department of Natural Resources. The notice, as defined, would note the violation tied to the property. However, this would not be considered a lien. The IMBA is monitoring this as it moves through the legislative process.

    Latest action

    The bill has passed the Senate and was referred to the House for further consideration. The bill was assigned to the House Natural Resource Committee.

    Learn more about SB 412


    HB 1316 – IFA Approval

    Rep. Doug Miller (R-Elkhart County)

    What you need to know

    The bill permits the Indiana Finance Authority to create any special-purpose state revolving loan fund designated by a state agency. The IMBA team is monitoring this bill as it potentially creates competition for our members but could provide opportunities for more public deposits.

    Latest action

    The bill has passed the House and was referred to the Senate for further consideration. The bill was assigned to the Senate Tax and Fiscal Policy Committee.

    Learn more about HB 1316


    SB 35 – Financial Literacy

    Sen. Mike Gaskill (R-Hamilton & Madison counties)

    HB 1281 – Financial Literacy

    Rep. David Hall (R-Brown, Jackson & Monroe counties)

    What you need to know

    The IMBA is in SUPPORT of these two bills. The bills require that beginning in 2027 for HB 1281 and 2028 for SB 35, each student attending a state-accredited high school must take and complete a course on financial literacy to graduate.

    Latest action

    Both bills have passed their chamber of origin and have been referred to the other chamber for further consideration.

    Learn more about SB 35

    Learn more about HB 1281


    MEET THE INDIANA GENERAL ASSEMBLY


  • February 28, 2023 9:35 AM | Deleted user

    STATEHOUSE SUMMARY

    The Indiana General Assembly has entered the final week of the first half of session. The House’s third reading deadline was Monday, February 27, and the Senate’s deadline was Tuesday, February 28. This marks the “halfway” point of the 2023 legislative session. If a bill has not been passed out of its chamber of origin by these deadlines, it is generally considered “dead.” The IMBA Government Relations team will now re-review bills that have survived the first half of session and seek necessary changes to any problematic language that arises. To view the IMBA’s complete bill track list for the 2023 Indiana Legislative Session, click here


    BILLS TO WATCH


    SB 292 – INPRS Investments

    Sen. Travis Holdman (R-Adams, Allen, Blackford, Jay & Wells counties)

    HB 1008 – Pension Investments

    Rep. Ethan Manning (R-Cass and Miami counties)

    What you need to know

    The IMBA is OPPOSED to HB 1008. The bill requires any corporate entity to conform with certain protections for specific market sectors in order to do business with the state investment system. The IMBA is IN SUPPORT of the approach in SB 292. This bill requires INPRS to focus on maximizing return and not prioritizing ESG-related investments over return.

    Latest action

    SB 292 was amended on second reading in the Senate and was subsequently passed on third reading, 40 – 7. HB 1008 passed on third reading 66-30. 

    Learn more about HB 1008

    Learn more about SB 292


      SB 261 – Economic Development Districts  

      Author: Sen. Brian Buchanan (R-Boone, Clinton, Hendricks & Montgomery counties)

      What you need to know

      The bill establishes a concept of economic improvement districts where the designated properties may approve the application of a special assessment that would be used to establish bonds for payment of broad economic development projects. The special assessment originally had priority over a lender's interest. The IMBA ensured that a lender's interest/lien remained a priority. The current bill reflects this change; however, the IMBA still has concerns regarding the broad scope of what the bonds can be used for, and the transferability of the property remains. Due to this, the IMBA is OPPOSED to the legislation.

      Latest action

      The bill was heard in the Senate Committee on Tax and Fiscal Policy on February 21, but no vote was taken.

      Learn more about SB 261


      SB 35 – Financial Literacy

      Sen. Mike Gaskill (R-Hamilton & Madison Counties)

      HB 1281 – Financial Literacy

      Rep. David Hall (R-Brown, Monroe & Jackson counties)

      What you need to know

      The IMBA is in SUPPORT of SB 35 and HB 1281. The bills require that beginning in 2027 for HB 1281 and 2028 for SB 35, each student attending a state accredited high school must take and complete a course on financial literacy to graduate.

      Latest action

      Both bills have passed their chamber of origin and have been referred to the other chamber for further consideration

      Learn more about SB 35

      Learn more about HB 1281


      SB 477 – Threats To Critical Infrastructure

      Sen. Justin Busch (R-Allen & Whitley counties)

      What you need to know

      The IMBA is monitoring this bill and working with the authors on clarification language. The bill prohibits a person from selling or leasing property adjacent to a military installation to someone from, or a business associated with China, Iran, North Korea, Russia, or a country designated as a threat later. The language will create a formal divestment procedure through a government body, a similar process to SEA 388 from 2022 which prohibited Chinese nationals from owning land.

      Latest action

      The bill passed the Senate on February 6 and was referred to the House of Representatives for further consideration. The bill was assigned to the House Committee on Veteran Affairs and Public Safety on February 28.

      Learn more about SB 447


      HB 1236 – Protections For Motor Vehicle Dealers

      Rep. Jim Pressel (R-LaPorte & Starke counties)

      What you need to know

      The IMBA is currently monitoring this bill. This bill came from the Auto Dealers Association and was amended in committee with language regarding captive finance. The amendment allows the dealer to refrain from complying with a manufacturer's requirements of a condition of business using the manufacturer's financing for consumer vehicle purchases.  

      Latest action

      The bill passed the House on February 27. The bill was referred to the Senate for further consideration.   

      Learn more about HB 1236


      MEET THE INDIANA GENERAL ASSEMBLY

    • February 21, 2023 9:22 AM | Deleted user

      STATEHOUSE SUMMARY

      The Indiana General Assembly has entered the final week of committee hearings on bills in the chamber of origin. Building on this timeline, lawmakers have until early next week in both the House and Senate to hold a final vote on bills from the chamber of origin. If a bill has not been passed out of the full chamber by these deadlines, it is generally considered “dead.” This marks the “half-way” point of the 2023 legislative session. The IMBA Government Relation team will continue to review amendments to legislation made over the course of this week and seek necessary changes to any problematic language that arises. To view the IMBA’s complete bill track list for the 2023 Indiana Legislative Session, click here


      BILLS TO WATCH


      SB 452 – Consumer Credit and Financial Institutions

      Sen. Eric Bassler (R-Davies, Greene, Knox, Martin, Owen & Sullivan counties)


      What you need to know

      The IMBA is in SUPPORT of the bill. This is the annual DFI update bill aligning Indiana Code with federal law. It also amends the statute to ensure compliance with the Federal SAFE Act. The bill also updates the Indiana statute to ensure non-NCUA insured credit unions comply with recent risk-based capital standards. It also directs the DFI to use specified statutory authority to adopt emergency rules not later than June 30, 2024, to amend the DFI rule concerning mortgage lenders and originators in order to: (1) conform the rule to the bill’s provisions concerning the sponsorship of licensed mortgage loan originators to engage solely as a third party loan processor or underwriter; and (2) establish a rule to allow certain persons to sponsor one or more mortgage loan originators, who are not employees of the sponsoring person, to perform mortgage loan originator activities exclusively for the sponsoring person under certain prescribed conditions.

      Latest action

      The bill passed the Senate on third reading 49 – 0. The bill now awaits consideration by the House.

      Learn more about SB 452


      SB 261 – Economic Development Districts  

      Author: Sen. Brian Buchanan (R-Boone, Clinton, Hendricks & Montgomery counties)

      What you need to know

      The bill establishes a concept of economic improvement districts where the designated properties may approve the application of a special assessment that would be used to establish bonds for payment of broad economic development projects. The special assessment originally had priority over a lender's interest. The IMBA ensured that a lender's interest/lien remained a priority. The current bill reflects this change; however, the IMBA still has concerns regarding the broad scope of what the bonds can be used for, and the transferability of the property remains. Due to this, the IMBA is OPPOSED to the legislation.

      Latest action

      The bill was heard in the Senate Committee on Tax and Fiscal Policy on February 21, but no vote was taken.

      Learn more about SB 261


      SB 242 – DNR Best Floodplain Mapping Data

      Sen. Jean Leising (R-Decatur, Fayette, Franklin, Jennings, Ripley, Rush & Shelby counties)

      What you need to know

      The IMBA is NEUTRAL on this bill and monitoring its progress. The bill is in response to the Department of Natural Resources' adoption of new floodplain maps that are more protective and expansive than FEMA’s maps.

      Latest action

      The bill passed the Senate on third reading 40 - 5.  It now awaits consideration by the House.

      Learn more about SB 242


      SB 5 – Consumer Data Protection

      Sen. Liz Brown (R-Allen County)

      What you need to know

      The bill establishes consumer data protection laws in Indiana. Currently, the bill exempts institutions regulated under the Graham-Leach-Bliley Act (GLBA) data protection standards. The bill author worked with the IMBA to ensure that the industry's concerns regarding data protection were included in this bill by adding the GLBA exemption.  

      Latest action

      The bill passed the Senate on third reading 49 – 0.  It now awaits consideration by the House.   

      Learn more about SB 5


      MEET THE INDIANA GENERAL ASSEMBLY 

    • February 14, 2023 2:44 PM | Deleted user

      STATEHOUSE SUMMARY

      Lawmakers have entered the final stretch for committee work for the first half of session.

      Committees hold their final hearings this week and into next week. Committee reports for the

      House are due on February 21 and February 23 for the Senate. Bill authors have until the end of February to move bills past 3rd reading. The IMBA Government Relations team will continue to monitor legislation for problematic amendments throughout the process. 

      To view the IMBA’s complete bill track list for the 2023 Indiana Legislative Session, click here.

      BILLS TO WATCH

      HB 1157 – Residential Housing Development Program

      Rep. Justin Moed (D-Marion County)

      What you need to know

      The IMBA is NEUTRAL on HB 1157. The bill adds Marion County to the statewide residential TIF program. Marion County was inadvertently left out of the statewide TIF program when it passed several years ago.

      Latest action

      The bill passed third reading in the House 91 – 0. It now awaits Senate action.

      Learn more about HB 1157

      SB 296 – Sale of Tax Delinquent Real Property

      Sen. Eric Koch (R-Brown, Jackson, Lawrence, Monroe & Orange counties)

      What you need to know

      The IMBA SUPPORTS this legislation. It makes it clear that the third-party interests do not get wiped out by a tax sale. The statute already provides that easements do not get wiped out, and it is logical to treat other third-party rights the same way.

      Latest action

      The bill was heard in the Senate Judiciary on February 8 but did not receive a vote.  In a second hearing on February 15, it was amended to remove the additional notice provision prior to tax sale. 

      Learn more about SB 296

      SB 385 – Floodplain Disclosures

      Sen. Jeff Raatz (R-Franklin, Henry, Union & Wayne counties)

      What you need to know

      The IMBA is monitoring SB 385. The bill requires an owner of residential real estate to disclose on the sales disclosure form if any portion of the real estate is located in a floodplain in response to the DNR’s floodplain maps. It also repeals a statute concerning floodplain mapping.  

      Latest action

      The bill was heard in the Senate Judiciary Committee February 8 but did not receive a vote.   

      Learn more about SB 385

      SB 477 – Threats to Critical Infrastructure

      Sen. Justin Busch (R-Allen & Whitley counties)

      What you need to know

      The bill places restrictions on the ability of certain foreign individuals to purchase property around a military installation.  The IMBA is reviewing but there could be potential issues with non-disclosure of nationality related to voiding the transaction.  In addition, seeking such information would be considered a violation of the Fair Housing Act.

      Latest action

      The bill passed the Senate on February 6, 42 – 7. It is now eligible for legislative action in the House. 

      Learn more about SB 477

      MEET THE INDIANA GENERAL ASSEMBLY
    • January 30, 2023 12:35 PM | Deleted user

      STATEHOUSE SUMMARY

      The General Assembly is officially back with a flurry of committee hearings being hosted last week and this coming week. Committee chairs have been busy prioritizing bills to be heard in committee over the coming weeks. This week brings committee activity on several significant bills the IMBA is engaged in, including bills dealing with ESG related investments, local government funding for infrastructure projects and a credit card processing bill that may have significant unintended consequences. The IMBA GR team has been reviewing bills and prioritizing which issues need the most attention as we move through the first few weeks of session. To view the IMBA’s complete bill track list for the 2023 Indiana Legislative Session, click here.


        BILLS TO WATCH

        SB 35 – Financial Literacy

        Sen. Mike Gaskill (R- Madison County)

        What you need to know

        The bill requires that beginning with the class of 2027, each student attending a state accredited high school must complete a course on financial literacy to graduate.

        Latest action

        The bill was heard in the Senate Education Committee on Jan. 18. It is awaiting further committee action.

        Learn more about SB 35


        SB 5 – Consumer Data Protection

        Sen. Liz Brown (R- Allen County)

        What you need to know

        The bill establishes consumer data protection laws in Indiana. Currently, the bill exempts institutions regulated under the Graham-Leach-Bliley Act (GLBA) data protection standards. Sen. Brown worked with the IMBA to ensure that the industry's concerns regarding data protection were included in this bill by adding the GLBA exemption.

        Latest action

        This bill was assigned to the Senate Commerce and Technology Committee.

        Learn more about SB 5


        HB 1021- Escrow Transactions

        Rep. Jerry Torr (R- Hamilton County)

        What you need to know

        This bill adds real-time electronic payments to the “good funds” statute. Providing another alternative to good funds under Indiana law. The IMBA SUPPORTS this bill.

        Latest action

        The bill was assigned to the House Insurance Committee.

        Learn more about HB 1021


        HB 1005 – Housing

        Rep. Doug Miller (R-Elkhart County)

        What you need to know

        The bill comes from the legislature’s Housing Taskforce, which took place this interim. It would establish the Residential Housing Infrastructure Assistance Program and Residential Housing Infrastructure Assistance Revolving Fund, allowing municipalities to apply for loans through the Indiana Finance Authority for infrastructure projects related to residential housing development.

        Latest action

        The bill was assigned to the House Government and Regulatory Reform Committee.

        Learn more about HB 1005 


        FOLLOW ALONG...

        The IMBA Government Relations Team monitors hundreds of bills throughout the legislative process and has compiled a list of current state legislative proposals that could potentially impact Indiana’s banking industry. Click here for a complete list of bills that the IMBA Government Relations Team is tracking in the 2023 Indiana General Assembly.

        Get to know the Indiana General Assembly by visiting https://iga.in.gov.

        • View Indiana House of Representatives Legislative District Maps

        • View Indiana Senate Legislative District Maps

      • March 23, 2022 4:02 PM | Deleted user

        Indiana General Assembly

        Adjourned for 2022

        The Indiana General Assembly has concluded all legislative business for the 2022 legislative session, working late into the night and finishing in the early morning of March 9. The Indiana General Assembly adjourned and declared sine die several days earlier than the legislative calendar dictated for the end of session. This timely adjournment marks a significant contrast to last year when we saw the legislature conclude session without declaring sine die, taking an unprecedented 363 days to adjourn for the year.

        For the 2022 session, legislators introduced 898 bills between both the Senate and House. Of these, 265 bills, or roughly 30% of the bills introduced, survived the first half of session. Of those 265 bills that survived to the halfway point, 177 bills, roughly 20%, were ultimately passed to be sent to the governor's desk for signature into law. Of the 898 introduced bills, the IMBA started session tracking 220 of them, with only 53 of those bills making it to the governor’s desk.

        Of the bills the IMBA was tracking throughout session, a handful will directly impact the industry when enacted. SEA 371 bill was directly shepherded throughout the process by the IMBA and was essential to the industry. SEA 371 gave lenders ease of mind with protections regarding the sunsetting of the LIBOR interest rate, providing a clear replacement base interest rate for contracts that reference LIBOR, as the rate will no longer exist in June of 2023. This bill was effective immediately upon the governor's signature, becoming law on March 10.

        On a broader COVID-19 front, the General Assembly enacted parameters regarding vaccine passports and vaccine mandates in the workplace. The General Assembly banned the ability of local governments to require vaccine passports and dictated that if employers mandate vaccinations, they must provide individual exemptions to opt-out for medical or religious reasons, or due to immunity from previous infection with COVID-19. Additionally, with Indiana's large surplus, fiscal leadership set the goal of cutting taxes this legislative session, with the finalized agreement cutting Indiana taxes by $1 billion.

        Each session comes with challenges in the form of bills or legislative ideas that would create significant disruptions to the banking industry, and this year was no different. The IMBA was successful in advocating to prevent several troubling bills from passing. Most notably, the IMBA was central to defeating HB 1224, a bill that would have disallowed state government from investing or contracting with companies that “boycott” energy companies. This bill would have created a new significant risk to financial institutions of being labeled as “boycotting” the fossil fuels industry based on business decisions. The industry also fought back against similar legislation that applied to the firearms industry through a bill that functioned in a similar manner to the fossil fuels bill, applying the framework to gun dealers and manufacturers (HB 1409). It is expected that both approaches to "forced" finance will return next session.

        The IMBA faced a serious debate regarding a new concept of establishing special tax or special assessment districts. These districts would use a super lien to sell bonds and use the proceeds to fund general development, both for infrastructure and broader development. Senate Bill 370 is expected to be brought back next session, and creating a lien priority for these assessments will be central to the debate.

        Other troubling issues expected to return in coming years include bills focused on creating new penalties for lenders related to discrimination in lending (HB 1326) and an extension of sales tax to services (HB 1083). The IMBA had significant concerns about each of these bills this session and opposed both bills as they were drafted. 

        The IMBA extends special thanks to the many legislators and bankers who worked toward satisfactory outcomes on issues of concern to the financial services industry.  The effort and engagement put forward by so many will ensure that Indiana continues to be a state in which financial institutions can serve their customers well and positively impact Indiana communities and the broader economy.

        Complete Summary of this Session

        MEET THE INDIANA GENERAL ASSEMBLY 


      • March 01, 2022 12:35 PM | Deleted user

        STATEHOUSE SUMMARY

        With the final sprint to the end of the 2022 session, the House and Senate concluded the committee process last week, packing in as many bills as possible in the last committee hearings of 2022. This week the third reading deadline for the House is February 28 and the Senate third reading deadline is March 1. This concludes the second half of the session and the start of conference committees. This past week, the IMBA was active as several bills of note were heard in committee, and others were brought down on second and third readings. The IMBA worked to amend one bill and protected the work already done on several other bills from further changes.

        BILLS TO WATCH

        SB 358 – Personal Information and Social Media Policies

        Sen. Liz Brown (R – District 15)

        What you need to know

         As drafted, this would place new burdensome requirements on all Indiana financial institutions for the management of customer data. The bill author worked with the IMBA to find a solution to industry concerns. The current version of the bill exempts institutions from the bill that are regulated under the Graham-Leach-Bliley Act data protection standards.

        Latest action

        The bill passed the House Commerce, Small Business and Economic Development Committee on Feb. 15.  However, the bill was not called down by the House sponsor before the second reading deadline, which killed the bill.

        Learn more about SB 358


        HB 1351 – Disclosure or Notification of Data Breach

        Rep. Martin Carbaugh (R – District 81)

        What you need to know

        This bill adds a requirement that a disclosure or notice must occur no more than 45 days after the discovery of a data breach to the existing Indiana statute on data breaches. Financial institutions are currently exempted from the existing statute regarding data breaches under Indiana code. The IMBA is neutral on this proposal.

        Latest action

        The bill passed second reading on Feb. 24 with no amendments. It is now eligible for third reading.

        Learn more about HB 1351


        SB 351—Virtual Currency

        Sen. Chris Garten (R – District 45)

        What you need to know

        The bill defines virtual currency under the Uniform Law Commission definition of a controllable electronic record. It also establishes a new chapter within the Uniform Commercial Code governing transactions in virtual currency and establishes when a person is considered to have control over virtual currency. This is the first step towards establishing a framework for virtual currency in the state of Indiana. The IMBA has been assisting Sen. Garten with the legislation and is in support of the approach the bill is taking with respect to virtual currency.

        Latest action

        The bill passed third reading on Feb. 22 with a vote of 92-0. The bill now awaits signatures from the Speaker of the House and Senate President Pro Tempore.

        Learn more about SB 351


        HB 1048 – Sheriff's Sale in Mortgage Foreclosure Action

        Rep. Sean Eberhart (R – District 57)

        What you need to know

        The bill raises the amount that a sheriff can charge for administrative fees from $200 to $300. The fee was originally set at $500. The increase tracks inflation as the fee was set at $200 in 2005.  The IMBA is neutral on the fee increase as long as the increase tracks inflationary increases. The bill was also amended to include language that prohibited certain buyers from bidding at sheriff sales if they are delinquent on taxes or fall under other provisions. The language was pulled from the tax sale statute. The IMBA included an amendment that would remove the foreclosing lender from falling under the prohibited statutes.

        Latest action

        The bill was heard in the Senate Tax and Fiscal Policy Committee on Feb. 14. It was voted out of committee as amended. It is now eligible for second reading amendments.

        Learn more about HB 1048


        SB 408 – Community Investments by Financial Institutions

        Sen. Andy Zay (R – District 17)

        What you need to know

        The IMBA is in SUPPORT of the bill. The bill enables state-chartered institutions to participate in investments/loans using the recent Office of the Comptroller of the Currency tax credit investment rules, including tax equity investments, without the need for prior DFI approval under the Indiana parity statute. The IMBA worked with Sen. Zay on the legislation.

        Latest action

        The bill passed third reading 93-1. It now awaits signatures from the Speaker of the House and Senate President Pro Tempore.

        Learn more about SB 408


        HB 1001 – Administrative Authority

        Rep. Matt Lehman (R – District 79)

        What you need to know

        The bill is divided into two main parts. The first part places in statute language that is needed to claim certain enhanced federal matching funds available to the Medicaid program in the absence of an executive order. The second part placed new requirements on employers that mandate vaccinations as a condition of employment. The IMBA was concerned about the impact and costs these new requirements will have on financial institutions. The Senate Health and Provider Services Committee removed all the concerning provisions related to employers including exemptions, adverse action against employers and cost of testing. 

        Latest action

        The bill passed second reading with one amendment on Feb. 24. It is now eligible for third reading.

        Learn more about HB 1001


        HB 1002 – Various Tax Matters

        Rep. Tim Brown (R – District 41)

        What you need to know

        This bill includes the House approach to reducing Indiana taxes by $1 billion. Notable changes include the elimination of the business personal property tax and the utility receipts tax. The Senate Tax and Fiscal Committee removed almost all tax reduction provisions in committee last week and is now awaiting amendments. 

        Latest action

        The bill passed out of the Senate Tax and Fiscal Policy Committee on Feb. 22 with proposed amendments. The bill passed second reading with one amendment on Feb. 24. It is now eligible for third reading.

        Learn more about HB 1002


        MEET THE INDIANA GENERAL ASSEMBLY 

      • February 24, 2022 10:24 AM | Deleted user

        STATEHOUSE SUMMARY

        Lawmakers entered the final stretch of committee hearings for the 2022 session. Last week marked a busy period of legislative activity as committees packed in meetings to beat the looming deadlines awaiting this week. All House Committee work must be concluded by Tuesday, Feb. 22, and all Senate Committee work must be concluded by Thursday, Feb. 24. The third reading deadline for the House is Feb. 28, and the Senate deadline is Mar. 1.

        Several bills that the IMBA is monitoring experienced significant changes in committee last week. Notably, the Senate removed many of the concerning provisions in the employer vaccine bill, HB 1001. The Senate also removed almost the entirety of HB 1002, the House’s $1 billion tax cut bill, in the Senate Tax and Fiscal Committee. In addition, the Department of Financial Institution’s (DFI) annual bill, the IMBA-supported federal tax credit bill and a bill on virtual currency all experienced committee work last week. 


        BILLS TO WATCH

        SB 358 – Personal Information and Social Media Policies

        Sen. Liz Brown (R – District 15)

        What you need to know

        As drafted, this would place new burdensome requirements on all Indiana financial institutions for the management of customer data. The bill’s author worked with the IMBA to find a solution to industry concerns. The current version of the bill exempts institutions from the bill that are regulated under the Graham-Leach-Bliley Act data protection standards.

        Latest action

        The bill passed the House Commerce, Small Business and Economic Development Committee on Feb. 15.  It is now eligible for second reading amendments.

        Learn more about SB 358


        HB 1351 – Disclosure or Notification of Data Breach

        Rep. Martin Carbaugh (R – District 81)

        What you need to know

        This bill adds a requirement that disclosure or notice must occur not more than 45 days after the discovery of a breach to the existing data breach Indiana statute. Financial institutions are currently exempted from the existing statute regarding data breaches under Indiana code. The IMBA is neutral on this proposal.

        Latest action

        The bill passed the Senate Commerce and Technology Committee meeting on Feb. 17. It is now eligible for second reading amendments.

        Learn more about HB 1351


        HB 1048 - Sheriff's Sale in Mortgage Foreclosure Action

        Rep. Sean Eberhart (R-District 57)

        What you need to know

        The bill raises the amount that a sheriff can charge for administrative fees from $200 to $300. The fee was originally set at $500. The increase tracks inflation as the fee was set at $200 in 2005. The IMBA is neutral on the fee increase as long as the increase tracks inflationary increases. The bill was also amended to include language that prohibited certain buyers from bidding at sheriff sales if they are delinquent on taxes or fall under other provisions. The language was pulled from the tax sale statute. The IMBA included an amendment that would remove the foreclosing lender from falling under the prohibited statutes.

        Latest action

        The bill was heard in the Senate Local Government Committee on Feb. 10. It was voted out of committee as amended. It has been reassigned to the Senate Tax and Fiscal Committee and is scheduled for a hearing on Feb. 22.

        Learn more about HB 1048


        HB 1001 – Administrative Authority

        Rep. Matt Lehman (R – District 79)

        What you need to know

        The bill is divided into two main parts. The first part places in statute language that is needed to claim certain enhanced federal matching funds available to the Medicaid program in the absence of an executive order. The second part placed new requirements on employers that mandate vaccinations as a condition of employment. The IMBA was concerned about the impact and costs these new requirements will have on financial institutions. The Senate Health and Provider Services Committee removed all the concerning provisions related to employers including exemptions, adverse action against employers and cost of testing. 

        Latest action

        The bill passed the Senate Health and Provider Services committee 8-2 as amended. It is now eligible for second reading amendments.

        Learn more about HB 1001


        HB 1002 – Various Tax Matters

        Rep. Timothy Brown (R-District 41)

        What you need to know

        This bill includes the House approach to reducing Indiana taxes by $1 billion. Notable changes include the elimination of the Business Personal Property Tax and the Utility Receipts Tax. The Senate Tax and Fiscal Committee removed almost all tax reduction provisions in committee last week and is now awaiting amendments. 

        Latest action

        The bill heard in the Senate Tax and Fiscal Committee on Feb. 15 with proposed amendments. The bill is rescheduled for another hearing on Feb 22. 

        Learn more about HB 1002


        SB 383 – Financial Institutions and Consumer Credit

        Sen. Eric Bassler (R-District 39)

        What you need to know

        This is the annual DFI omnibus bill. The bill makes several changes to Indiana statute related to financial institutions. The IMBA has reviewed the bill and has no concerns. 

        Latest action

         The bill was heard in the House Financial Institutions Committee on Feb. 15 and passed out of committee 11-0. The bill now awaits second reading amendments.

        Learn more about SB 383


        MEET THE INDIANA GENERAL ASSEMBLY 

      • February 15, 2022 11:21 AM | Deleted user

        STATEHOUSE SUMMARY

        The General Assembly started the second half of session this week. Committees were already actively hearing and amending bills, and they only have this week and next to hear, amend and move any bills still sitting in committee. The IMBA was active this past week as several bills of note were heard in committee. The IMBA worked to amend one bill and protect the work already done in the first half on several other bills from further changes


        BILLS TO WATCH

        HB 1048 - Sheriff's Sale in Mortgage Foreclosure Action

        Rep. Sean Eberhart (R-District 57)

        What you need to know
        The bill prohibits certain persons and entities from purchasing a tract at a sheriff's sale, following the same verbiage already in tax sales. The bill also raises the amount that a sheriff can charge for administrative fees from $200 to $300. The fee was originally set at $500. The IMBA continues to express concern over the increase in the fee and is working to lower the fee to a more acceptable level in line with inflation. The bill was also amended to include language that prohibited certain buyers from bidding at sheriff sales if they are delinquent on taxes or fall under other provisions. That language was pulled from the tax sale statute. The IMBA included an amendment that would not preclude the foreclosing lender from falling under the prohibited statutes.

        Latest action

        The bill was heard in the Senate Local Government Committee on Feb. 10. It was voted out of committee as amended. It has been reassigned to the Senate Tax and Fiscal Committee.

        Learn more about HB 1048


        SB 371 - Replacement of the London Interbank Offered Rate

        Sen. Andy Zay (R–District 17)

        What you need to know
        The IMBA is in support of the bill. The bill provides protection for lenders prescribing that Secured Overnight Funding Rate is the default alternative reference interest rate for existing contracts where no alternative rate other than LIBOR is provided. The language in the bill mirrors what was passed in New York and Alabama legislatures in 2021. The IMBA worked with Sen. Zay on the legislation.

        Latest action
        The bill was heard in the House Financial Institutions and Insurance Committee on Feb. 8. It was voted out of committee and is eligible for second reading amendments by the full House.

        Learn more about SB 371


        SB 357 - Acceptance of Electronic Conveyance Documents

        Sen. Liz Brown (R-District 15)

        What you need to know
        The bill provides that a county recorder, auditor, or assessor may not refuse to accept or endorse a document because the document is electronic. The IMBA has heard from members regarding the difficulty in recording electronically executed documents in certain jurisdictions. As a result, the IMBA is in support of this legislation.

        Latest action
        The bill was heard in the House Local Government Committee on Feb. 9. It was voted out of committee and is eligible for second reading amendments by the full House.

        Learn more about SB 357


        SB 361 - Economic Development

        Sen. Ryan Mishler (R-District 9)

        What you need to know

        This bill is the annual Indiana Economic Development Corporation bill. The bill makes certain amendments to the Hoosier Business Investment (HBI) tax credit, the Economic Development for a Growing Economy (EDGE) tax credit, the Headquarters Relocation Tax Credit, and the Redevelopment Tax Credit beginning July 1, 2023. In addition, the bill establishes an Innovation Development District Program beginning July 1, 2023. It establishes the Innovation Development District Fund administered by the IEDC. It provides for the transfer of incremental tax revenue in a district to the fund. It also provides that the IEDC may make grants, loans, or investments from the fund for specified economic development purposes.

        Latest action
        The bill was heard in the House Ways and Means Committee on Feb. 10. The bill was held and is expected to be brought back for amendments.

        Learn more about SB 361


        HB 1092 - Business Association Matters

        Rep. Bob Heaton (R-District 46)

        What you need to know
        The bill comes from the Securities Division of the Indiana Secretary of State’s Office. The introduced version of the bill contained restrictive language regarding first lien mortgage lenders. The bill also included language that required additional requirements on financial institutions regarding internal referrals for investment advice. The IMBA worked with the Secretary of State’s Office to amend both provisions. The IMBA also included an amendment updated the Uniform Commercial Code as it related to providing financing statements for debtors.

        Latest action
        The bill was heard in the Senate Commerce and Technology Committee on Feb. 10. It was voted out of committee and is eligible for second reading amendments by the Senate.

        Learn more about HB 1092


        MEET THE INDIANA GENERAL ASSEMBLY


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